If anyone having Agricultural Income is more than 20 Lacs, than which ITR Should be filled ?? Up to how much agricultural Income is exempt What kind of a documents one will have to produce if I.T. Officer asks??
5 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5128 Points)
Replied 28 September 2021
Agricultural income is not taxable under Section 10 (1) of the Income Tax Act as it is not counted as a part of an individual's total income. However, the state government can levy tax on agricultural income if the amount exceeds Rs. 5,000 per year.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 28 September 2021
File ITR 2 if no PGBP income to declare.
In case of any income from Business or Profession along with agricultural income, file ITR3.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 28 September 2021
Agricultural income is totally tax exempt; but it is considered in total income for slab rate.
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 29 September 2021
IF ANYONE HAVING AGRICULTURE INCOME ( MPRE THAN 20 LAC ) AS WELL AS SALARY INCOME UP TO 3 LAC, THAN WHICH ITR SHOULD BE SELECTED ??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 29 September 2021
ITR 2 ...............
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